Military spending worldwide hits Cold War record: Which countries lead
Ukraine increases military spending for the first time in many years (Photo: Vitalii Nosach/RBC-Ukraine)
Global military spending this year has reached its highest level since the end of the Cold War, highlighting a new phase of geopolitical challenges and threats, according to research from the Stockholm International Peace Research Institute (SIPRI).
According to the study, global military spending in 2024 has reached an all-time high of $2.718 trillion, marking a 9.4% increase compared to the previous year. This is the largest annual rise in military spending since the end of the Cold War.
Experts report that over 100 countries increased their defense budgets last year. Governments in most countries are focusing on military needs, often at the expense of other budgetary allocations, which could have serious economic and social consequences for societies in the future.
The key factors driving the increase in spending in Europe include the war in Ukraine and concerns over the US commitment to its NATO obligations. These factors have led to a 17% rise in defense spending across Europe (including Russia), which reached $693 billion, surpassing levels seen at the end of the Cold War. The only European country that did not increase its military expenditures was Malta.
Who spends the most
Russia's defense spending in 2024 amounted to $149 billion, marking a 38% increase compared to 2023 and double the amount spent in 2015. This figure represents 7.1% of Russia's GDP and 19% of all government expenditures.
In Ukraine, military spending in 2024 grew by 2.9%, reaching $64.7 billion, which is 43% of Russia's defense budget. At the same time, Ukraine's military expenditure accounts for 34% of the country's GDP, the highest in the world. Researchers believe that due to limited financial resources, Ukraine will face difficulties in continuing to increase its defense spending.
The US has also seen a rise in defense spending, which grew by 5.7% to reach $997 billion, making up 37% of global defense spending in 2024.
China, the second-largest spender on defense, increased its military budget by 7%, reaching approximately $314 billion, continuing a trend of growth over the past 30 years.
Significant increases in defense spending are also observed in Central and Western Europe. Germany's defense expenditure rose by 28%, reaching $88.5 billion, making it the regional leader in this area.
Poland increased its defense spending by 31%, reaching $38 billion, which constitutes 4.2% of the country's GDP.
Defense spending and aid to Ukraine
The administration of former US President Donald Trump repeatedly accused the team of ex-President Joe Biden of excessively funding Ukraine's defense needs.
Initially, the figure of $300 billion was mentioned, but later the White House reduced it to $100 billion, which aligns with estimates provided by the Ukrainian government.
Additionally, Putin has approved the 2025 budget, which includes a record amount for conducting the war against Ukraine.
Recently, the US approved a defense budget of around $1 trillion.
